Japanese re/insurer Sompo has teamed up with financial services group Sanlam Kenya to boost its business opportunities in Kenya, Africa.

Through the collaboration with Sanlam, the Japanese firm is particularly targeting East Africa, where Kenya is attracting significant Japanese investments, reported Capital Business.

Sompo Japan Nipponkoa Insurance Johannesburg Representative office head Daisuke Taoka was quoted by the publication as saying that the agreement would allow the company to position itself as a strong insurance and reinsurance player in the region.

“It will also provide a much better service to our Japanese customers entering the country,” Taoka told Capital Business.

Sanlam Kenya Group CEO Patrick Tumbo said: “We look forward to leveraging Sompo’s distribution channels and technical expertise.”

Sompo, through Sompo Japan Nipponkoa Insurance, first signed a pact with the Sanlam Group in October 2017, to offer long-term insurance support to its corporate clients across Africa.

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By GlobalData

In February, Sanlam completed the merger of Soras Assurance General and Saham Assurance Rwanda into a single entity.

Headquarters in Tokyo, Sompo manages its business across 31 countries and regions across the globe, including in Japan.